Freedom Oil Co. has sold its 27 convenience stores to Mizpah Ventures LLC, a Chicago-based company that operates c-stores and a wholesale fuel business in Illinois and Wisconsin.
Terry Monroe, president of Fort Myers Beach, Florida-based American Business Brokers & Advisors, and Bill Fecht of Normal, Illinois-based WJF Services Inc., provided merger and acquisition advisory services to Freedom Oil and announced the deal on Friday.
Freedom Oil, Bloomington, Illinois, was founded in 1944 and grew from a few neighborhood stores to a network of 27 locations in Illinois and Florida, American Business Brokers & Advisors said. It partnered with Shell Oil Co. to sell branded gasoline at some of its c-stores in Illinois, according to its website.
Mike Owens, president and third generation of the Owens family, said the sale of the stores was a bittersweet moment. Owens told American Business Brokers & Advisors that after a lifetime in the convenience-store business, he knew the time was right to step away and pursue other opportunities.
Other details of the transaction were not disclosed.
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